Sunday, September 26, 2010

Reagan's Tax Increases

It may come as a surprise to some people that once upon a time in the not-too-distant past Republicans actually cared enough about budget deficits that they thought raising taxes was necessary to bring them down. Today, Republicans believe that deficits are nothing more than something to ignore when they are in power and to bludgeon Democrats with when they are out of power.
Legislated Tax Changes by Ronald Reagan as of 1988
Tax Cuts
Billions of Dollars
Economic Recovery Tax Act of 1981
Interest and Dividends Tax Compliance Act of 1983
Federal Employees’ Retirement System Act of 1986
Tax Reform Act of 1986
Total cumulative tax cuts
Tax Increases
Billions of Dollars
Tax Equity and Fiscal Responsibility Act of 1982
Highway Revenue Act of 1982
Social Security Amendments of 1983
Railroad Retirement Revenue Act of 1983
Deficit Reduction Act of 1984
Consolidated Omnibus Budget Reconciliation Act of 1985
Omnibus Budget Reconciliation Act of 1985
Superfund Amendments and Reauthorization Act of 1986
Continuing Resolution for 1987
Omnibus Budget Reconciliation Act of 1987
Continuing Resolution for 1988
Total cumulative tax increases
Source: Office of Management and Budget, Budget of the United States Government, Fiscal Year 1990 (Washington: U.S. Government Printing Office, 1989), p. 4-4.

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